Metro Pacific net profit in first 9 mos. up 33% to P3.44B

MANILA, Philippines—Infrastructure holding firm Metro Pacific Investments Corp. expanded its net profit in the first nine months by 33 percent year on year to P3.44 billion on higher profit contribution from its water distribution, power generation and hospital units.

Core net profit for the nine-month period amounted to P3.95 billion, up by 34 percent from a year ago. This prompted MPIC to upgrade its core earnings outlook for the whole year to P5 billion from the earlier guidance of P4.8 billion.

“The positive results for the nine months of this year were driven by continuing strong operating efficiencies, highly focused customer service and strict cost discipline at all our portfolio companies,” MPIC chairman Manuel V. Pangilinan said.

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In a press briefing on Wednesday, top MPIC officials also affirmed the company’s interest in new infrastructure assets, such as the Metro Railway Transit 3 expansion.

Pangilinan said the group has remained interested in potential airport terminal privatization contracts, if the government would pursue them, such as for the Ninoy Aquino International Airport Terminal 1, Clark (Diosdado Macapagal International Airport) and the Cebu-Mactan International Airport.